On March 1, 1996 Mr. Almagro obtains a loan of P1500 from Mr. Abella and signs a note promising to pay the principal and accumulated simple interest at the rate of 5% at the end of 120days. On May 15, 1996, Mr. Abella discounts the note at the bank whose discount rate
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On March 1, 1996 Mr. Almagro obtains a loan of P1500 from Mr. Abella and signs a note promising to pay the principal and accumulated simple interest at the rate of 5% at the end of 120days. On May 15, 1996, Mr. Abella discounts the note at the bank whose discount rate is 6%. What does he receive?
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- John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did the John receive from the bank? (ordinary time)A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500 per month at the end of the 4th, 6th and 7th months, respectively. Determine the amount he received from the bank.Garry borrowed from a bank of P25,000 for which he signed a promisory note to repay it at the end of 1 year. He only received P21,915 after the bank collected advance interest and an additional amount of P85 for legal fees. What was the rate of interest the bank charged?
- a man borrows money from the bank but only received 86% of the amount requested. he signs a promissory note that he would pay P55,980 at the end of 7 years. how much money is requested from the bank if the simple interest rate is 9.766% a. 36,857.114 b. 38,662.539 c. 33,249.783 d. 30, 365.448Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former owes the latter $69,000. The simple interest note is dated Dec. 28 and carries an interest of 8%. The note is then sold by Darcy to a bank on March 17 at a discount rate of 12%. How much profit did the bank make? Group of answer choices $2,609,96 $2,966.69 $2,906.69 $2,609.69
- Michael bought a $20,000, 26-week T-bill at a discount rate of 5.9% on August 12. He sold it 11 weeks later at a discount rate of 6.5%. Find Michael's purchase price, the discount 11 weeks later when he sold it, proceeds to Michael, and the effective interest rate for the time he held the note. (Hint: Treat T-bills as a discount note.) Michael's purchase price was $. (Round to the nearest cent as needed.) CJune Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.Bruno received a one-year P375,000 note bearing annual interest of 8% from a customer. after holding the notes for six months, Bruno discounted the note at Special bank at an effective interest rate of 10%Question: if the discounting is treated as a borrowing what amount of loss on discounting should Bruno recognize?a. 20,250b. NONEc. 5,250d. 9,750
- Arnold purchased a note from Sylvester for $4300. The note will mature in 240 days, and bears 0.065 of simple interest rate. But 120 days after Arnold purchased the note, his friend Bruce convinced him to sell him the note for $4478.87. Bruce keeps the note until maturity. (a) What is the simple interest rate for Arnold in these transactions? (b) What is the simple interest rate for Sylvester in these transactions? (c) What is the simple interest rate for Bruce in these transactions? Submit AnswerLawrence signs a note promising to pay Justin $2500 at 11.25% compounded monthly in 7 years. However, 6 months before maturity, Justin sells the note to Angela who discounts the note on 17.25% bank discount rate. a. Find the maturity value of the note. b. How much did Justin receive from the sale of the note toAngela? $Mr. Bacani borrowed money from the bank. He received from the bank P1,842 and promised to repay P2,000 at the end of 10 months. Determine the rate of simple interest. A. 12.19 % B. 12.03 % C. 11.54 % D. 10.29 % Mr. Bacani borrowed money from the bank. He received from the bank P1,842 and promised to repay P2,000 at the end of 10 months. Determine the rate of simple interest. A. 12.19 % B. 12.03 % C. 11.54 % D. 10.29 %